Why do consumers choose to shop at particular stores or purchase particular products? A wide variety of factors influence consumer shopping habits, from product mix to pricing, customer service, and whether the product or retailer meshes with an individual’s convictions.
Market research conducted within the last five years by the world’s largest retailer has shown that 90 percent of female customers will go out of their way to purchase products from woman-owned businesses, believing they would offer higher quality. Within the jewelry industry, where women make up a significant portion of the customers, this consumer behavior can be magnified. How can jewelers take advantage of this decision-making factor?
The Kingswood Company has been certified as a women-owned business by the Women’s Business Enterprise National Council (WBENC) since 2006. And, starting this year, we are offering the option to place the WBENC Women Owned logo on private-label products we manufacture. The Women Owned program raises awareness of female entrepreneurs and women-owned businesses, making it easier for consumers to identify and support businesses that are at least 51 percent owned, operated and controlled by one or more women.
Jewelers understand that their customers are influenced by societal factors in their shopping habits. This is why many jewelers highlight ethical sourcing of diamonds, choose to make their stores as “green” as possible, or promote products that are Made in the USA (like ours). Women Owned has gained traction in the marketplace at a time when consumers are particularly attuned to women’s issues. Only businesses that are certified can use the logo, and The Kingswood Company is the only private-label jewelry care products manufacturer with the designation.
Jewelers who choose to place this logo on their jewelry care products demonstrate to their customers their support of Women Owned businesses. And this can serve to differentiate jewelers from their competition, particularly in an industry with such a large number of female customers. It is an outstanding way to stand out from the crowd.
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